Oriental Pearl receives additional $159.35m relocation compensation for Tiqiao site

Oriental Pearl New Media Co., Ltd. has received an additional 159,351,375 yuan in relocation and resettlement compensation for its Tiqiao launch site project. This latest payment follows previous receipts in 2021 and 2023 totaling 478,054,124.40 yuan. As of the announcement date, the cumulative compensation received for the project stands at 637,405,499.40 yuan.

The total agreed compensation for the relocation project, outlined in the "Agreement on Compensation for Non-Residential Housing on State-Owned Land" signed in August 2021, amounts to 796,756,874 yuan. The relocation is necessitated by the overall development and construction needs of Pujiang Town, Minhang District, Shanghai.

While this payment increases the company's cash flow, it will not directly impact current period profits. The funds will be recognized as profit in the period when the company completes all planned construction and relocation. Oriental Pearl Group will adhere to accounting standards for treatment and will continue to monitor the project's progress.